Basler Kantonalbank Chairman to Step Down

Andreas Albrecht's Resignation Follows Regulator Rebuke

ZURICH—The chairman of one of Switzerland's largest publicly owned banks will step down before the end of this year, after the lender was reprimanded by the country's financial regulator for inappropriately propping up the price of its own equity.

Basler Kantonalbank said Friday that Chairman Andreas Albrecht is resigning to protect the bank from a "loss of confidence," after the Swiss Financial Market Supervisory Authority, known as Finma, ordered the bank earlier this month to repay 2.6 million Swiss francs...